Flex Space with Garage
For Sale
$250,000
2343 Nazor Rd, Crestline, OH 44827
Adaptable commercial building with garage access, separate septic systems, and a residential-style interior.
Property Size4,520 SF
Price / SF$55.31
Days on Market17
Property Features for 2343 Nazor Rd
General Information
Standard status
Active
Size
4,520 SF
Taxes and HOA fees
Annual Taxes
$4,890
Listing Agency:
Sluss Realty
(419) 571-4909
Listed By:
Marc Sleeckx
(419) 571-4909
Source:
Exprealty
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 29 at 4:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sluss Realty
Investment Insights
Based on property information with market context.
This flex space combines a commercial building configuration with a residential-style interior and two garage bays. The property offers substantial electrical capacity and two separate septic systems, supporting a range of business, storage, hobby, entertaining, and residential-oriented uses described for the building.
The building is located at 2343 Nazor Rd in Crestline, Ohio. Its combination of garage access, utility infrastructure, and mixed commercial-residential character distinguishes it from a conventional warehouse or purely residential property.
The building is located at 2343 Nazor Rd in Crestline, Ohio. Its combination of garage access, utility infrastructure, and mixed commercial-residential character distinguishes it from a conventional warehouse or purely residential property.
Key Highlights
- Two garage bays
- Two separate septic systems
- Substantial electrical capacity
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,554
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$451,080
$451.1K
Cap Rate 7%
$322,200
$322.2K
Cap Rate 9%
$250,600
$250.6K
Market Conditions
NOI Build-Up for 4,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.0K $6.41/SF
− Vacancy
−$2.4K −$0.54/SF
EGI
$26.5K $5.87/SF
− OpEx
−$4.0K −$0.88/SF
NOI
$22.6K $4.99/SF
Area
Crawford County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$451,080
Cap Rate 7%
$322,200
Cap Rate 9%
$250,600
Alternative Uses
Best Use
Warehouse
$322.2K
$281.9K – $375.9K
NOI $22,554 @ 7.0% cap · market cap 9.02%
Second Best
Industrial
$265.3K
$232.2K – $309.6K
NOI $18,574 @ 7.0% cap · market cap 7.43%
Theoretical Best
Specialty Retail
$886.1K
$775.3K – $1.03M
NOI $62,025 @ 7.0% cap · market cap 24.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44827, OH
6,973
Population
3,564
Households
2
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
48.5 sq mi
ZIP Area
144
Density / Sq Mi
$53,089
Median Household Income
$32,334
Median Earnings
$744
Median Rent
$111,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with garage access, separate septic systems, and a residential-style interior.
Where is this flex space located?
The property is located at 2343 Nazor Rd Crestline, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two garage bays; Two separate septic systems; Substantial electrical capacity
